CGNU plc announces the completion of the sale of its US general insurance operations to White Mountains Insurance Group, Ltd. in accordance with the announcements of 25 September 2000 and 20 February 2001.
CGNU plc announces the completion of the sale of its US general insurance operations to White Mountains Insurance Group, Ltd. in accordance with the announcements of 25 September 2000 and 20 February 2001. The proceeds were Ł1.3 billion ($1.9 billion), net of the Ł141 million ($200 million) pre-closing adjustment, plus the repayment of an inter-company loan of Ł0.8 billion ($1.1 billion). This concludes CGNU's exit from the US general insurance market.
CGNU continues to pursue its strategy to grow its long-term savings business aggressively and profitably, build a world-class fund management business, take a focused approach to general insurance, build top five positions in key markets and withdraw from lines of business or markets that do not offer the potential for market leading positions or superior returns.
Enquiries
Analysts/Investors
Steve Riley - Investor Relations Director, CGNU
+44 (0)20 7662 8115
Media
Alex Child-Villiers - Financial Dynamics
+44 (0)20 7269 7107
Note: an exchange rate of $1.42 = Ł1 has been used to translate dollar amounts into pounds sterling throughout this announcement